#36 rental was purchased today

[George P.]

I am a few days behind, but we purchased rental #36. it's a little different, but i love when the number increases, no matter how it happens..

We have lived in the current house for 17 yrs and over the last year started to slowly look for a larger home for us. So, while we were on vacation for 3 weeks in florida, we found a house we liked (325k asking), looked at the pics, made an offer (290k), and closed on it with a conventional 80/20 loan a few days ago.

So, our CURRENT house looks something like this (not the actual property).. 

when we renovate our new house (kitchen, knock down walls, 2.5 baths, living room, entry doors, etc, we will rent our old house and cashflow around $400 per month. with the cashflow, the monthly cost of the new house will be around (~$1k), which is almost the current cost of the ranch house (1k with taxes and such). so, we are going from a 1k sq ft house, to 2.6k sq. ft house for about the same amount.

The new house is also in Livonia, which borders northville, redford,garden city, westland, dearborn heights. Canton is not too far but it's pricey for me. here's what the house looks LIKE (not the actual house)

All our rentals are in the above mentioned areas, so it's super convenient to drop by to look at a problem or talk to a tenant.. 

We are supposed to close on 2 more in the coming weeks - one in westland, one in redford..

50 properties seems SO FAR AWAY, but i am carving away...if i ever get to 50, i might stop so that i can save money so when the economy tanks again, i can buy a few streets and rename the neighborhood to "Georgetown".